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OH HB363
Bill
Status
11/1/2011
Primary Sponsor
Louis Blessing
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AI Summary
H.B. 363 Summary
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Increases the required balance in Ohio's Budget Stabilization Fund from 5% to 10% of General Revenue Fund revenues from the preceding fiscal year
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Prioritizes filling the Budget Stabilization Fund to the 10% threshold before surplus revenues are transferred to the income tax reduction fund
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Requires the Director of Budget and Management to first transfer any necessary funds to reach the 10% stabilization fund balance before transferring remaining surplus revenue to the income tax reduction fund
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Applies the new 10% threshold to transfers determined by the Director no later than July 31st each year based on the June 30th fund balances
Legislative Description
To increase the balance that must exist in the Budget Stabilization Fund, from 5% to 10% of the General Revenue Fund revenue, before revenue surpluses are applied to income tax reductions.
Budget Stabilization Fund-increase balance before income tax reductions
Last Action
To Finance & Appropriations
11/1/2011